Business development strategies are methods that are used in business by the managers of the firm in order to increase their customers as well as to penetrate . It is development that is aimed in a certain reaction based on studies or research that has been done. It is usually designed as a long term goal with gaining new customers over a given period of time.

The strategy has to be made while keeping in mind on how to deal with their competitors and be at an advantaged position. There are a number of factors, referred to as forces, which should be considered before embarking on this activity that should be considered especially for companies with an international presence.

First, one has to consider the impact that could be made by the entry of other competitors. They also have to consider the present danger and competition from the existing firms in that market. While making sales and purchases, the bargaining power of both their clients and the suppliers has to be considered. Also the firm has to consider the availability of already existing products that may act as substitutes.

Once these factors have been considered, the management will have a picture on the standpoint of the firm in terms of their strengths and weaknesses. Once this is achieved the company can then plan on the way forward by coming up with their objectives in the market. The plan will be built to fit with the forces in the market.

The plan should then be split into three key stages. Segmenting involves identifying new markets and customers that would fit into the development of the firm. Targeting is identifying the best of these new customers that would offer the highest returns to the company. Finally, positioning is the stage whereby the company tries to convince the new market to get on board with them and setting themselves apart from the rest of the competition.

The pillars of the plan should be based on the strength of the firm. The strategy should be guided by the product on offer, the price, place or location as well as concentrated promotion activities. The success will depend on how well the business development strategies are developed.

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